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FICEP FINAL EXAM 2024 LATEST UPDATED COMPLETE 400 QUESTIONS WITH DETAILED VERIFIED AND 100% CORRECT ANSWERS ACTUAL BRAND-NEW EXAM ALREADY GRADED A+$17.99
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FICEP FINAL EXAM 2024 LATEST
UPDATED COMPLETE 400 QUESTIONS
WITH DETAILED VERIFIED AND 100%
CORRECT ANSWERS ACTUAL
BRAND-NEW EXAM ALREADY
GRADED A+
Which statement about a traditional IRA account is false?
a. Loans are allowed.
b. There are contribution limits.
c. Withdraws before 59 1/2 are subject to penalties.
d. Contributions are tax deductible. - ....ANSWER...a.
loans are allowed
Before dying include jewelry antiques collectibles and
vehicles on the list.
a. Financial inventory
b. Debts
c. Memberships
d. Personal inventory - ....ANSWER...d. personal
inventory
Which of the following statements about POAs is false?
1
,a. A POA means another person is to act as one's "agent."
b. The agent is empowered & obligated to be one's
fiduciary.
c. Springing (conditions) POA is best for selling property
while one is out of the state for a while.
d. Durable POA gives the named person power
immediately unless stated otherwise. - ....ANSWER...C.
Springing (conditions) POA is best for selling property
while one is out of the state for a while.
Which of the following statements is false?
a. A will is a legal document detailing how a person would
like to have assets distributed after death.
b. A POA's key responsibility is to make decisions based
on own comfort not the principal's wishes.
c. A durable POA for health care is intended to ensure
medical wishes are carried out according to one's wishes.
d. A financial POA allows a POA to act on one's behalf
financially. - ....ANSWER...b. A POA's key responsibility
is to make decisions based on own comfort not the
principal's wishes.
2
,Which of the following statements is false?
a. It's unnecessary to have a plan in place in the event of
death or disability if you're the sole owner of a business.
b. Health life disability umbrella or long-term care
insurance should be reviewed and adjusted as needed
throughout one's life.
c. Whether a sole owner or in business with others plans
should be in place in the event of death or disability.
d. It's always a good idea to meet with an estate attorney to
review plans & obtain necessary documents. -
....ANSWER...A. It's unnecessary to have a plan in place
in the event of death or disability if you're the sole owner
of a business.
After a death financial counselors may:
a. Grant access the deceased's accounts for all family
members.
b. Help members make a list of all debts and financial
obligations.
c. Add an authorized user to a deceased's credit card.
d. Not help members at all unless the counselor is the
estate's executor. - ....ANSWER...b. Help members make a
list of all debts and financial obligations.
3
, Which of following statements is false?
a. Financial counselors sometimes face situations that are
beyond their scope of practice.
b. Members may have physical emotional or financial
needs requiring immediate call for assistance from
resources outside of the credit union.
c. A common sign that indicates members may need
assistance from professional help is severe financial
difficulties that cannot be explain by other events.
d. Financial counselors can handle any situation a member
faces because nothing is beyond their scope of practice. -
....ANSWER...d. Financial counselors can handle any
situation a member faces because nothing is beyond their
scope of practice
Successfully referring a member to an outside agency
includes all the following except:
a. Going with the member to the appointment.
b. Recognizing a member's need to maintain dignity.
c. Providing accurate information.
d. Helping members understand what to expect. -
....ANSWER...a. going with the member to the
appointment
4
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